GBP/USD Technical Analysis: Stuck in the middle of one-week-old trading range
• The pair has been oscillating within a broader trading range over the past one week or so, forming a rectangular chart pattern on the 1-hourly chart.
• The pair's inability to build on its recent rebound from yearly lows and the subsequent range-bound price action suggests indecision over the near-term trend.
• The fact that the pair has managed to hold above important intraday moving average - 200-hour SMA, support prospects for some additional near-term gains.
• Bullish technical indicators on hourly charts further add credence to the constructive outlook, though are remained in the bearish territory on the daily chart.
• Hence, it would be prudent to wait for a convincing breakthrough the mentioned trading range before positioning for the pair’s next leg of a directional move.
GBP/USD 1-hourly chart
Today Last Price: 1.2668
Today Daily change: 42 pips
Today Daily change %: 0.333%
Today Daily Open: 1.2626
Previous Daily SMA20: 1.2686
Previous Daily SMA50: 1.2836
Previous Daily SMA100: 1.2909
Previous Daily SMA200: 1.3225
Previous Daily High: 1.2698
Previous Daily Low: 1.2618
Previous Weekly High: 1.2708
Previous Weekly Low: 1.2574
Previous Monthly High: 1.3176
Previous Monthly Low: 1.2723
Previous Daily Fibonacci 38.2%: 1.2648
Previous Daily Fibonacci 61.8%: 1.2667
Previous Daily Pivot Point S1: 1.2597
Previous Daily Pivot Point S2: 1.2567
Previous Daily Pivot Point S3: 1.2517
Previous Daily Pivot Point R1: 1.2677
Previous Daily Pivot Point R2: 1.2728
Previous Daily Pivot Point R3: 1.2757